Source of cash deposit not satisfactorily explained hence addition u/s 69 sustained

Eswara Reddy Kolli Vs DCIT (ITAT Chennai) ITAT Chennai held that addition u/s 69 towards unexplained money sustained on failure to explain the source of the cash deposits with necessary evidences. Facts- The case of the assessee has been selected for limited scrutiny to verify large cash deposits in savings bank account. During the course of assessment proceedings, as per AIR information the assessee has made cash deposits of Rs. 95,51,000/- in three bank accounts maintained with IDBI Bank Limited, Ongole and two accounts with Axis Bank Limited, Ongole. Assessee submitted that, he is partner i...